What do we base our currency's value from now?

Didn't we stop using gold?|||we stopped using gold in the 1950's.





Value of currency is based on people's beliefs about how much they can buy with that currency in the future.|||yes. our currency, and that of most modern economies around the world, is based on the willingness of the government to tax the citizens in the amount required to support the government's obligations in that currency. In other words, a government can require all commerce undertaken in its domain to accept its own currency as good for any debts or obligations, but unless trading partners and investors believe the government will tax its citizens for the value of the obligations from the citizens to the government, then the value of the currency would not support trade with other currency systems.|||Nixon took us off the Gold Standard in the earlier 1970s. Since then, our money has only been worth what you believe its worth. Its not backed by anything but thin air.